The Apple Card trademark was recently registered in Hong Kong, suggesting the eventual launch of the much-hyped credit card in the area. But there’s no reason to wait if all you want is a virtual credit card! With the rise of virtual banks and the added benefits in security and convenience, virtual credit cards are becoming the new norm.
So what's so great about this new fintech product? We've done the research for you so you don't have to!
Physical Credit Card
Virtual Credit Card
Application Procedure
Online / Walk-in
Online
Transaction Modes
Swipe / Contactless / Online
Contactless / Online
Security
Sensitive information embossed on card surface
Information stored and encrypted in phone
Cashback and Offers
Generally available. Depends on individual institutions
Generally available. Depends on individual institutions
Physical Cards Replaced With Virtual Cards In Your Phone
As the name suggests, a virtual credit card lacks a physical presence that is the plastic currently sitting in your wallet. Instead, all vital information of a credit card is stored in your phone. With a phone that supports NFC (pretty much every smartphone post-iPhone 6), a virtual credit card functions identically to its physical counterpart except that you can’t swipe it. Rest assured that it is accepted in both physical (via contactless payment) and digital marketplaces, with cashback and offers from card issuers.
But if they do the same thing, why bother switching at all?
Card Info Concealed For Safer Transactions
With a physical credit card, your full name, card number, expiry date and security code are exposed every time you take your card out – potentially a security risk if you're handing your card to a shop attendant!
On the other hand, a virtual credit card’s information is for your eyes only. A physical transaction with a virtual credit card involves simply tapping your phone on the compatible card reader. No visible information, nothing to leak. For added security, some cards such as Apple Card even have the option to generate a one-time card number and security code, eliminating the risk of information being compromised.
For additional security, users can activate passcode and biometric authentication (e.g. fingerprint, facial and iris recognition) to stop malicious attempts even when the phone is lost. Reporting a lost virtual credit card is also easier than reporting a physical credit card.
Faster Service, Purely Online
Virtual credit cards are open for application, renewal and reporting online, but so are most physical cards. The biggest difference is how long it takes to receive the new card: a physical credit card arrives at your mailbox within a few days to a month; a virtual credit card is instantly available upon approval.
On the other hand, since the virtual card itself cannot be swiped, sometimes you will have to fall back on cold, hard cash at stores without a contactless card reader. That said, with mobile payment increasing in popularity, this will become less and less of a problem in the future.
Hong Kong’s Virtual Credit Card Options
At the moment, CNCBI Motion Credit Card and ICBC UnionPay Dual Currency Greater Bay Area Virtual Digital Credit Card are the two options on the market.
The application and approval of the CNCBI card can be handled entirely on their dedicated mobile app, and the card supports Apple Pay, Google Pay and Octopus Card automatic top-up service; the ICBC card supports UnionPay and allows dual currency transactions (in HKD and RMB), fit for frequent Mainland-bound visitors.
Tip: Physical Card Still Has The Edge On Offers
The virtual credit card market is at its early stage in Hong Kong. If you are looking for better cashback rates, flight mileage and welcome offers, physical cards are still king for now. For example, PrimeCredit EarnMORE UnionPay Diamond Credit Card offers 2% cash rebate for linked Octopus Card automatic top-up service. Apply for the card through Planto to earn an extra $300. While you can find more offers and options in physical credit cards right now, we’ll see the odds even out as more virtual banks and cards like the Apple Card join the party, sooner or later.
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Mox Credit
Person who wants CashBack and Asia Miles
Only credit card in Hong Kong to freely switch between CashBack and Asia Miles reward
Asia Miles : Enjoy HKD4 = 1 mile on all spending, 0 upper limit, 0% FX fees
CashBack : Unlimited instant CashBack up to 2%, earn 3% Unlimited CashBack at all supermarkets and selected daily merchants upon registration
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Welcome offer:
Get 1 Asia Mile for every HKD4 on all purchases in any categories² by maintaining an eligible balance of HKD250,000 or above.
Enjoy a high savings rate of up to 1.25% for balance of HKD250,000 or above.
Earn up to 25,000 Asia Miles when you meet the spending requirement – enough for a round-trip flight to Japan⁶!
Limited-Time Lucky Draw: Win 1 Million Miles every week For the next 8 weeks until 29 December 2024, switch your spending reward to ‘Asia Miles’, and make a single transaction of HKD500 or more to enter the weekly lucky draw. The more you spend, the greater your chance of winning.
<a href="https://mox.com/static/4100PLT_TnC.pdf">Terms and Conditions</a> apply .To borrow or not to borrow? Borrow only if you can repay!
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Planto Exclusive:
Planto exclusive offer : open account with invitation code「4100PLT」and successfully apply for Mox Credit can enjoy the above welcome offer
Discover on Mox Bank's website
EarnMORE UnionPay Diamond Card
Best for: People who love electronics and gadgets and have high average spending on multiple categories (including e-wallet)
Up to 2% cash rebate on all merchants
No minimum spending requirement for cash rebate.
From now till 28th February 2025, enjoy up to HK$2,880 cash rebate with EarnMORE Credit Card upon spending designated amount at Chung Yuen Electrical (Hong Kong branches & online store) and also apply “12-month Interest-free Transaction Instalment” via OmyCard App (for transaction in branches only) without hassles.
Enjoy designated airport limousine service transfer for HK$250/ride
Annual fee waived for first 2 years. Annual fee HK$1,500 subsequently
[Student credit card] Full-Time University/ Tertiary Students get HK$400 Klook e-Gift Card for eligible retail purchase transactions over HK$2,000 within 90 days
Promotions are subject to Terms and Conditions.
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Welcome offer:
HK$670 cash rebate (included the extra up to 2% cash rebate) for eligible retail purchase transactions over HK$8,500 within 90 days, or
Up to HK$90,000 interest-free and handling fee-free cash instalment program. (No spending requirement), or
OTO Vanda 2.0 massage chair (VN-05)(Suggested price: HK$13,800) for eligible retail purchase transactions over HK$9,800 within 90 days, or
German Pool Smart Air Purifier Fan (EFB-426HM-SC) (Suggested price: HK$2,480) for eligible retail purchase transactions over HK$8,500 within 90 days, or
[Student credit card] Full-Time University/ Tertiary Students get HK$400 Klook e-Gift Card for eligible retail purchase transactions over HK$2,000 within 90 days
Terms and Conditions apply.
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Planto Exclusive:
Apply now through Planto get HK$100 cash rebate upon successful applications
Discover on PrimeCredit's website
WeWa UnionPay Diamond Card
Best for: Travel lovers who spend frequently on hotel & ticket booking (up to 4% cash rebate)
Earn up to 6 % rebate on local, overseas and online spending via selected mobile payments (include Apple Pay or Quick Pass and QR Code Payment within OmyCard App).
Up to 4% cash rebate on spending within specific categories (Travel, Cinema, Karaoke, Theme park)
From November 1, 2024 to January 31, 2025, cardholders can log on to OmyCard App and register for the WeWa “Travel worldwide with you” Lucky Draw. 200 travel related prizes lie ahead each month. Each Retail Transaction can earn one lucky draw chance, which can be accumulated and automatically enroll in the Grand Lucky Draw to win a total of HK$138,000 in Travel Voucher！(Trade Promotion Competition Licence No. 59265)
From September 1, 2024 to March 29, 2025, log on to OmyCard App every day to kick-start the “JACK-PLOT CHALLENGE” and win jaw-dropping prizes upon completion of the weekly planting missions! The more crops you grow, the more rewards you reap!
From now till 28th February 2025, enjoy up to HK$2,880 cash rebate with WeWa Credit Card upon spending designated amount at Chung Yuen Electrical (Hong Kong branches & online store) and also apply “12-month Interest-free Transaction Instalment” via OmyCard App (for transaction in branches only) without hassles.
Enjoy designated airport limousine service transfer for HK$250/ride
No minimum spending requirement for cash rebate
Annual fee waived for first 2 years. Annual fee HK$1,500 subsequently
[Student credit card] Annual fee waived for first 5 years. Annual fee HK$1,500 subsequently
[Student credit card] No annual income requirement for student
Promotions are subject to Terms and Conditions.
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Welcome offer:
Osaka Round-trip Flight Tickets for eligible retail purchase transactions over HK$8,800 within 90 days, or
Sony Wireless Noise Cancelling Headphones WH-1000XM4 (Silver) (Suggested price: HK$2,890) for eligible retail purchase transactions over HK$8,800 within 90 days, or
HK$500 cash rebate for eligible retail purchase transactions over HK$8,500 within 90 days, or
[Student credit card] Full-Time University/ Tertiary Students get HK$400 Klook e-Gift Card for eligible retail purchase transactions over HK$2,000 within 90 days
Up to HK$90,000 interest-free and handling fee-free cash instalment program (No spending requirement)
Welcome Offers valid till 31 March 2025. Terms and Conditions apply
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Planto Exclusive:
Apply now through Planto get HK$100 cash rebate upon successful applications
